The West wants to recognize itself as a victim in order to transfer Russian assets to Ukraine – Kommersant

The US authorities have offered the G7 countries a mechanism for transferring blocked Russian assets to Ukraine. It is planned that the funds will be transferred in tranches through the World Bank or the European Bank for Reconstruction and Development. Reports this with reference to sources The Financial Times. “Victims” of the military conflict, including countries that provided assistance to Ukraine, will be able to seize assets.

The publication notes that American authorities did not publicly support the confiscation of frozen Russian assets, but decided to make a similar proposal privately. The Financial Times refers to a document drawn up by the American side, presented for discussion to representatives of the G7 countries. The document refers to asset confiscation as a “countermeasure” permitted under international law. The tranche will be an “advance” as part of compensation to Ukraine from Russia.

According to the document, such a step will be considered a legitimate response to Russia’s military operation in Ukraine if it is carried out by states that have “suffered” and “particularly suffered” from its aggression. This could affect Ukraine’s allies, which financed its economy and military forces during the conflict.

According to a European Commission document seen by the Financial Times, last year about €260 billion of Russian Central Bank assets were located in the G7 countries, the EU and Australia. The bulk of this amount – about €210 billion – was held in the EU, including cash and government bonds denominated in euros, dollars and other currencies. By comparison, the United States froze only $5 billion, according to the publication’s sources familiar with the matter. About €191 billion of assets blocked in Europe are held in Euroclear. France froze the second largest amount, about €19 billion, Germany – only €210 million.

In this regard, representatives of the European Central Bank warned that the use of frozen Russian assets could become a source of reputational risks for the European currency. Representatives of the bank called on the EU leadership to look for other ways to finance Ukraine.

The Financial Times notes that the issue of confiscation of Russian assets has become relevant again, since the United States and the European Union cannot agree on new assistance to Ukraine. The US House of Representatives is blocking a bill to allocate $61 billion in aid to Ukraine, and in the European Union, Hungary opposes new aid to Ukraine in the amount of €50 billion.

More details in the material “Vladimir Zelensky was supported verbally”.